Special FD schemes for senior citizens: Check interest rates, benefits by SBI, ICICI, HDFC banks

Several public and private banks in India have rolled out special fixed deposit schemes for senior citizens. During the Covid-19 pandemic, these special FDs were introduced by some of the biggies like SBI, HDFC and ICICI in May 2020. When started, these schemes were for a brief period of time. But now, these special FD schemes are ending on June 30.  

The special schemes provide an extra interest rate over and above the additional 0.5 per cent rate offered to senior citizens. At present, the country's largest lender State Bank of India (SBI), Leading private sector HDFC Bank, and ICICI Bank are offering these special FD schemes to senior citizens. This is for an investment period of five years or above.

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Earlier, the last date for applying the scheme was March 31, 2021, but now it has been extended to June 30, 2021. Indian citizens above 60 years of age can pump in their money to get the highest returns.   

SBI WeCare Deposit Scheme: SBI is offering a WeCare Deposit scheme that offers an additional 0.80 per cent interest rate to long-term FD investments made by senior citizens. At present, SBI gives a 5.4 per cent interest rate on five years FD for the general public. If a senior citizen puts a fixed deposit under the special FD scheme, then the interest rate applicable to the FD will be 6.20 per cent.  

HDFC Bank Senior Citizen Care FD: HDFC Bank offers a special fixed deposit scheme for senior citizens called the Senior Citizen Care FD scheme. If a senior citizen puts a fixed deposit under HDFC Bank Senior Citizen Care FD, then the interest rate applicable to the FD will be 6.25 per cent. 

ICICI Bank Golden Years FD Scheme: ICICI Bank is offering the Golden Years FD scheme with a maximum interest rate to investments made by senior citizens. FD investment in this scheme fetches a 6.55 per cent interest rate annually.